1998-10-19 Resolution 130 - Laserfiche WebLink

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• Book-Entry-Only S, sY tem DTC will act as securities depository for the Refunding Bonds. The ownership of one fully registered Refunding Bond for each maturity as set forth on the cover hereof, each in the aggregate principal amount of such maturity, will be registered in the name of Cede & Co., as nominee for DTC. DTC is alimited-purpose trust company organized under the laws of the State of New York, a "banking organization' within the meaning of the New York Banking law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC was created to hold securities of its participants (the "DTC Participants") and to facilitate the clearance and settlement of securities transactions among DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need of physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (or their representatives, or both) own DTC. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the "Indirect Participants"). The DTC Participants shall receive a credit balance in the records of .DTC. The ownership interest of each actual. purchaser of each Refunding Bond (the "Beneficial Owner") will be recorded through the records of the DTC Participant. Beneficial Owners are expected to receive a written confirmation of their purchase providing details of the Refunding Bond acquired from the appropriate DTC Participants or Indirect Participant. Transfers of ownership interests in the Refunding Bonds will be accomplished by book entries made by DTC and, in turn, by the DTC Participants who act on behalf of the Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interest in the Refunding Bonds. So long as Cede & Co. is the registered owner of the Refunding Bonds, as nominee of DTC, references herein to the Refunding Bond owners or registered .owners of the. Refunding Bonds shall mean Cede & Co. and shall not mean the Beneficial Owners of the Refunding Bonds. DTC may determine to discontinue providing its service with respect to the Refunding Bonds at any time by giving notice to the Authority or its agent and discharging its responsibilities with respect thereto under applicable law. 'The Authority may determine that continuation of the system of book-entry transfers through DTC (or a successor securities depository) is not in the best interest of the Beneficial Owners. In either such event, ownership of each Refunding Bond will be transferred to such person or persons, including any other clearing agency, as the holder of such Refunding Bond may direct. See "Revision of Book- Entry-Only System." The Authority and the Trustee will recognize DTC or its nominee as the bondholder for all purposes, including without lunitation, the receiving of payment of the principal of and interest on any Refunding Bonds, the receiving of notice and the giving of consent. Conveyance of notices and other communications by DTC to DTC Participants, by DTC Participants to Indirect Participants, and by DTC Participants and Indirect Participants to Beneficial Owners, will be governed by arrangements among them, subject to any statutory and regulatory requirements as may be in effect from time to time. DTC has no knowledge of the actual Beneficial Owners -9-